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The charge is mostly due to impairment of assets and goodwill at digital marketing firm Amobee and cybersecurity business Trustwave.
Singtel signage at its head office in Singapore. (File photo: REUTERS/Edgar Su)
14 May 2021 09:37AM (Updated: 14 May 2021 09:50AM )
SINGAPORE: Singtel said on Friday (May 14) it had begun a strategic review to consider options for digital marketing firm Amobee and cybersecurity business Trustwave.
Singtel said it expected to record a S$1.21 billion charge in its full-year results, mostly due to impairment of assets and goodwill at the two businesses.
Singtel has been facing slowing growth in its traditional carrier business and has been trying for years to diversify in new sectors.
It bought US-based Amobee for US$321 million (S$428 million) in 2012 and completed the acquisition of Trustwave at a reduced price of US$770 million in 2016.
The review marks the first major overhaul since Yuen Kuan Moon took over as CEO in January.
"This review could involve the restructuring of product or business segments, a full or partial divestment or business combinations with other industry players," Moon said.
"We are open to all types of strategic partnerships and deals including inviting investors who have complementary capabilities and can enhance the value of the businesses."
The company said it had booked an impairment charge of S$589 million on Amobee and S$336 million on Trustwave in the second half of the year.
It will release its second-half and annual results on May 27.
Source: Reuters/dv
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Singtel expects S$1.21 billion charge, starts strategic review of 2 US units
The charge is mostly due to impairment of assets and goodwill at digital marketing firm Amobee and cybersecurity business Trustwave.
Singtel signage at its head office in Singapore. (File photo: REUTERS/Edgar Su)
14 May 2021 09:37AM (Updated: 14 May 2021 09:50AM )
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SINGAPORE: Singtel said on Friday (May 14) it had begun a strategic review to consider options for digital marketing firm Amobee and cybersecurity business Trustwave.
Singtel said it expected to record a S$1.21 billion charge in its full-year results, mostly due to impairment of assets and goodwill at the two businesses.
Singtel has been facing slowing growth in its traditional carrier business and has been trying for years to diversify in new sectors.
It bought US-based Amobee for US$321 million (S$428 million) in 2012 and completed the acquisition of Trustwave at a reduced price of US$770 million in 2016.
READ: Singtel announces reorganisation of structure to capture new digital growth
The review marks the first major overhaul since Yuen Kuan Moon took over as CEO in January.
"This review could involve the restructuring of product or business segments, a full or partial divestment or business combinations with other industry players," Moon said.
"We are open to all types of strategic partnerships and deals including inviting investors who have complementary capabilities and can enhance the value of the businesses."
The company said it had booked an impairment charge of S$589 million on Amobee and S$336 million on Trustwave in the second half of the year.
It will release its second-half and annual results on May 27.
Source: Reuters/dv
Continue reading...